Economy

On Monday's All In show on MSNBC, host Chris Hayes praised Britain's "beloved" national health care program as possibly "one of the great hallmarks of western social democracy," as he admitted to delivering criticism from a liberal point of view of former British Prime Minister Margaret Thatcher's administration.

Sometimes the media will engage in selective amnesia, pretending to forget about a past occurrence because the memory of it would hurt the liberal narrative they are trying to advance. That was clearly the case on this Saturday’s CBS This Morning.

The network’s political director, John Dickerson, was on to discuss President Obama’s forthcoming budget proposal, which is expected to include some cuts to the growth rate of Social Security. Unsurprisingly, Dickerson spoke entirely from the president’s point of view, essentially relaying the White House message to congressional Republicans, the crux of which was: “[Obama]’s also trying to create some public pressure on Republicans, saying look, I've offered something on my end, now you have to offer something, which in this case means some agreement to some level of tax increases.” [Video below. MP3 audio here.]

Your daily dose of inadvertent humor comes from an article by Annie Lowrey at the New York Times on Sunday evening ("Lew to Press for European Policy Changes"; also in today's print edition).

In "covering" (from Washington?) Treasury Secretary Jack Lew's four-day European trip for meetings with EU leaders encouraging them to pursue "growth" policies -- which in Keynesians' fevered minds always really means "stimulus" and not genuine growth-driven initiatives -- Lowrey wrote the following (bold is mine):

As NewsBusters has been reporting, the Sunday political talk shows didn't seem very interested in the lousy jobs numbers that were released by the Labor Department last Friday.

By far the worst performance in this regard was turned in by CBS's Face the Nation which didn't utter one single word about the issue throughout the course of the entire one hour broadcast.

There was a lousy jobs report from the Labor Department last Friday that has led some people to fear the already soft economic recovery might be slowing down.

Despite this, ABC's George Stephanopoulos, during a lengthy This Week interview with Barack Obama senior adviser Dan Pfeiffer Sunday, didn't ask one single question about that report or the state of the economy.

CNBC’s Jim Cramer made a statement on NBC’s Meet the Press Sunday that likely shocked the host as well as the other liberal media members involved in the discussion.

After David Gregory mentioned Friday’s lousy unemployment report, Cramer said, “This is stunning. Stunning. And I think a lot of it had to do with fearmongering” (video follows with transcribed highlights and commentary):

I guess Byron Tau thought he had to make it look like Big Labor is really, really mad at President Barack Obama and the White House so he could make Obama look like he's a moderate on economic and fiscal issues. Thus his Sunday morning post's headline: "Labor targets Obama over proposed benefit cuts."

Of course, they aren't "cuts" at all, though they are being portrayed as such. All Obama has done, according to information which appears to have been conveniently leaked (perhaps in hopes of killing the idea) to the New York Times ahead of his very late President's Budget, is "propose a new inflation formula that would have the effect of reducing cost-of-living payments for Social Security benefits, though with financial protections for low-income and very old beneficiaries, administration officials said." Despite the weakly descriptive language at the Times, monthly Social Security and other checks would continue to increase under the proposal each year inflation occurs -- just not by as much.

The disgraceful lengths to which writers in the establishment press will rewrite history to paper over the economy's awful performance during the past five years is perfectly illustrated in one paragraph found in an otherwise decent Associated Press "Big Story" report ("Dropouts: Discouraged Americans leave labor force") Saturday evening by Paul Wiseman and Jesse Washington, with help from Chris "No chance of recession" Rugaber and Scott Mayerowitz.

The statement: "The participation rate peaked at 67.3 percent in 2000, reflecting an influx of women into the work force. It's been falling steadily ever since." The "fall" has not been "steady," nor has been the decline in the employment-population ratio (source: Bureau of Labor Statistics data retrievable here):

After telling the world on Thursday that "Gone are the fears that the economy could fall into another recession," it seems that the Associated Press's Christopher Rugaber needed some help explaining away Friday's weak jobs report from the government's Bureau of Labor Statistics.

The AP had four reporters on Friday evening's coverage, all seemingly in search of a viable excuse for another "unexpectedly" disappointing report: Rugaber, co-author Paul Wiseman, and contributors Jonathan Fahey and Joyce Rosenberg in New York. Several paragraphs from their report follow the jump (bolds and numbered tags are mine):

Oops. Good Morning America on Friday preemptively announced "expected" job creation for the month of March totaling 190,000. In reality, 88,000 jobs were created. The ABC morning show was only off by 102,000 jobs. At 7:10am, about 75 minutes before the release of the actual numbers, reporter Linzie Janis insited, "The government's jobs report is out this morning. It's expected to show that 190,000 jobs were created last month." The accompanying graphic included the number and a tiny asterisk, presumably representing the tentative nature of the numbers. [See video below. MP3 audio here.]

This is a monthly practice on the ABC morning show. The anchors will announce the hypothetical, possible results and then cover the real result later in the day on the network. Janis allowed that the new report might not be great. She added, "Why the slowdown? Well, those $85 billion in government spending cuts." Just a month ago, however, GMA's Bianna Golodryga lamented the fact that investors were shrugging off the sequester.

Well, we can stop worrying about the economy now. Write it down. Chris Rugaber at the Associated Press, aka the Administration's Press, tells readers today that the business cycle has been repealed. That's right. As of now, "Gone are the fears that the economy could fall into another recession."

Even giving him the benefit of the doubt that he only meant to refer to the short- or intermediate-term, it takes a mountain of chutzpah to make such a declaration after a quarter during the which the economy grew at an annualized 0.4%, i.e., an actual 0.1%. It's doubly hard to take because the press, led by the Associated Press, feared that a recession was around the corner virtually every month or quarter from the time I began blogging in early 2005 until mid-2008, when the National Bureau of Economic Research defied the normal person's definition of recession (i.e., two consecutive quarters of contraction) and decided that a recession began in December 2007, seven months before it really did.

Update (April 5): Fisker has laid off three-quarters of its workforce at its headquaters in Anaheim, owes DOE approximately $193 million | With a substantial repayment of the $529 million loan guarantee it received almost four years ago -- courtesy of the U.S. taxpayer -- coming due at the end of the month, the electric car company Fisker is exploring the idea of filing for bankruptcy before then. Sources have confirmed that an influential law firm from Chicago has been hired to help with the proceedings.

The major networks have been reticent on the subject however, as if they have no intention of breaking the next Solyndra-like scandal.  It should be noted that no cars have been built since last July, and 200 of Fisker's American employees were recently furloughed.

The saga all began in 2009 when the Obama administration handed out $1 billion worth of loans to two electric car manufacturers, Fisker and Tesla. The latter appears to be on the verge of becoming profitable, but that assumes there's going to be a substantial number of people willing to pay near $1200 per month in leasing charges.

Fisker promised to do the majority of its auto assembly in Delaware, home of Vice President Joe Biden. Private investment partner Al Gore predicted that tens of thousands would be rolling off the the assembly lines there someday. But alas, two years later, it was revealed that production had shifted to Finland, where 500 workers had been hired to build the $100,000 cars called Karma.

Another report exposed that only 40 cars had been built at the time, and just two had been delivered. One of which was to actor and environmental activist Leonardo DiCaprio. Adding insult to injury, over 230 were recalled in late 2011 because of a fire hazard risk in the battery compartment. Luckily, very few were in the hands of consumers anyway.

Asked for comment back in October of 2011, founder and executive chairman Henrik Fisker was defiant. "We're not in the business of failing; we're in the business of winning," he said. "So we make the right decision for the business. That's why we went to Finland." Nearly a year and a half later, he would resign from the company that bears his namesake - citing 'differences with company management' in a March 2013 statement.

Now that the Kirkland & Ellis law firm is getting involved, to presume that a bankruptcy filing is coming isn't far-fetched. We'll keep our eyes open for the media's attention to this, but we're not holding our breath.

Most Americans would agree that a federal study -- burning through hundreds of thousands of taxpayer dollars by the way -- on duck penises is not exactly a high priority when we need to get our fiscal house in order. But Patricia Brennan would disagree with you, and she took to the liberal online journal Slate to do so last Tuesday.

Wait, did I mention that Brennan has a vested interest in defending the study of duck dongs? She's a research professor at University of Massachusetts, Amherst receiving federal money for the study?

Aside from insinuating that conservatives "miss the point of basic science" and whining about the “fierce” competition within the scientific community for federal funding, she explained why we should pick up the bill -- sorry I could resist -- for her study:

Yesterday, Juliet Eilperin wrote for the Washington Post that “the public interest in climate change is waning.”  Posted to Chris Cillizza’s Fix blog, it’s odd that Eilperin didn’t use any hard numbers in this piece.  Citing Pew, she did say that support has dropped six points since last October, but what, pray tell, was the support at that time?  Ten percent? Twenty-five?

Maybe she omitted the hard numbers for the simple reason that Americans have NEVER viewed this as a high priority issue.  Let’s go back to January when President Obama – and the media – were pushing hardest for gun control policies. Aa Washington Post/ABC Poll found that 18 percent of all adults viewed addressing global warming as a high priority.  Concerning the partisan breakdown, only 26% of Democrats and 7% of Republicans thought that stopping the polar ice caps was of the highest national urgency.

New York Times columnist Paul Krugman was giddy over a triumph of the liberal vision in the supposedly resurgent California economy in Monday's "Lessons From A Comeback." The state has overcome a "fanatical conservative minority" to push through "desperately needed tax increases." But is California really back?

....California has been solidly Democratic since the late 1990s. And ever since the political balance shifted, conservatives have declared the state doomed. Their specifics keep changing, but the moral is always the same: liberal do-gooders are bringing California to its knees.

A question with a more obvious answer might yet be asked on national TV this morning, but someone's going to have to try very hard . . . On today's Morning Joe, during a segment on the Atlanta school-test scandal, Mike Barnicle actually wondered out loud why more top college grads take jobs with high-tech firms like Google, or in the financial-services sector, instead of teaching.

Barnicle had earlier declared that standardized tests don't teach kids how to think.  Might Mike have taken one such test too many in his day?  When Willie Geist gently pointed out the obvious to Mike—the difference in pay—Barnicle blubbered that he understood such was a given. So why ask?  View the video after the jump.

Sometimes liberal bias goes so far it actually becomes absurd, like Roseanne Barr saying that she would bring back the guillotine in order to behead any rich people who wanted to keep more than $100 million of their own money. She set the bar (or the guillotine) higher than her $80 million net worth. But it wasn’t just extreme left-wing celebs like Roseanne and Michael Moore, news anchors and hosts have spewed anti-business, anti-wealth, or anti-capitalism nonsense too.

The Business and Media Institute hunted down some of the most outrageous anti-business, anti-wealth, or anti-capitalism comments by news and entertainment media people in the past year and came up with this list of eight individuals. After all, it is April Fools Day.

The latest estimate of economic growth for the final quarter of 2012 published by Uncle Sam's Bureau of Economic Analysis on Thursday told us that the economy grew at an annualized rate of 0.4%. Not annualized, that means it actually grew by 0.1%. A $100,000-a-year business doing that "well" during a quarter would have seen its sales increase by $25 (.001 times $100,000 divided by 4).

CNNMoney.com was so happy with that revised result that it presented the following headline and graphic to its readers:

At the Politico, Darren Samuelsohn reports that "The public has largely tuned out the Democrats’ repeated warnings about ... (what will happen) if the sequester cuts stay in place." He also notes in a separate report that Republicans "Republicans are winning the sequester wars," and that "even the White House admits there’s little chance of reversing all the cuts."

Of course, what's in question here mostly aren't "cuts" at all, but reductions in projected spending increases, as pollster Scott Rasmussen explained in his note accompanying a recent poll his organization did on the topic:

Mark Shields on PBS's Inside Washington Friday made a comment that perfectly defines how liberal media elites view the financial success of anyone other than themselves and their ilk.

Misquoting the late English author G.K. Chesterton, Shields said, “Wherever they are, the rich are the scum of the earth" (video follows with transcript and commentary):

A quick review of recent dispateches from the Associated Press, aka the Administration's Press, finds four items which unskeptically take claims of "global warming" at face value -- and that's just from Thursday and Friday.

Too bad for AP, and the public at large being brainwashed by the incessant repetition of what is proving to be patently false, that we're nearing the two-decade mark of flat worldwide temperatures, and that even reliably leftist outfits are starting to backtrack.

So much for Cyprus being a "one-off."

On Wednesday, Bruno Waterfield at the UK Telegraph relayed that "Jeroen Dijsselbloem, the Dutch chairman of the eurozone, told the FT and Reuters that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe." That's "would," not "could." The Associated Press hasn't had the nerve to correctly characterize what Dijsselbloem said, and now Reuters itself has gotten cold feet.

St. Louis Post-Dispatch columnist Bill McClellan is mighty proud of himself this week. Today, he wrote that the negative response to a column he wrote on Wednesday ("One last call to service – end military funeral honors") is "pig heaven for an attention-craving columnist." The porcine parallel McClellan made seems more than appropriate in the circumstances.

You see, Budget-cutter Bill is either too dense to realize or doesn't care that his cost-cutting suggestion to end all military funeral honors except for "men and women killed in combat" would disqualify someone he specifically cited as a hero who was not killed in combat as deserving of such treatment. But first, some lowlights from McClellan's original column (HT The Blaze; bolds are mine throughout this post):

On Thursday, George Stephanopoulos touted how legalizing same-sex "marriage" would supposedly bring in additional revenue into the federal government's coffers. The former Clinton administration official claimed that "the Treasury would actually take in more money if gays and lesbians were allowed to get married and get federal benefits."

Stephanopoulos cited an eight-plus year old study from the Congressional Budget Office that found that redefining marriage to include homosexual couples "could bring in up to $1 billion a year – so, a net benefit for the Treasury from gay marriage."

On February 28, though he hedged a bit, Martin Crutsinger at the Associated Press, aka the Administration's Press, wrote the following about prospects for economic growth: "The only impediment may be the across-the-board government spending cuts that kick in Friday — especially if those cuts remain in place for months."

Having established the template, the self-described Essential Global News Network has apparently decided that they need to do all they can to promote it. After today's sharp decline in consumer confidence as reported by the Conference Board, AP reporter Marcy Gordon's related dispatch opened with a whine about "massive government spending cuts," tried to reinforce her claim in a later paragraph, and saved contradictory information for an even later one (bolds are mine throughout this post):

Sometimes one learns interesting things perusing stories at tech web sites.

A report by Michelle Maisto at Eweek about Yahoo CEO Marissa Mayer has one nugget of information which has been out there for a while, and another which I believe hasn't been and still isn't widely known about both Mayer and her former employer Google. Both items indicate to me that Mayer as a woman and the two tech companies involved are getting free passes from the press which a male CEO and non-tech would likely not receive. Excerpts follow the jump (internal link is in original; bolds are mine):

Let’s all be thankful for CNBC. On this morning’s Squawk Box, co-host Joe Kernen raised a question that the Big Three broadcast networks have been afraid or unwilling to touch thus far.

While Kernen was chatting with CNBC Chief Washington Correspondent John Harwood about the sequester, Harwood brought up the FAA’s announcement that it will close 149 air traffic control towers next month. It was a story that ABC, CBS, and NBC each covered on their Saturday morning shows this week. Of course, what the broadcast networks failed to mention, but which Kernen raised, was Kansas Republican Senator Jerry Moran's amendment that proposed cutting $50 million in unspent FAA research money rather than closing the towers, $50 million being the approximate amount that would be saved by closing the 149 towers. Senate Majority Leader Harry Reid (D-Nev.) refused to bring the amendment up for a vote. [Video below. MP3 audio here.]